The property is situated on busy pedestrianised Blandford Street in the City Centre of Sunderland, close to the Bridges Shopping Centre. Neighbouring occupiers include Holland & Barrett, Yorkshire Bank, Santander Bank, other national retailers and local amenities.
The subject property comprises a brick built retail premises beneath flat roof with retail over ground and first floors.
Ground Floor 259.75m² 2,796ft²
First Floor 237.27m² 2,554ft²
Total 497.02m² 5,349ft²
Heron Foods Ltd. Is an English retail chain founded in 1979 and based in Melton with 293 stores as of 1 July 2020 predominantly located in the North of England and the midlands area. Annual performance shown below:
Year End Turnover £434,592,000 £409,205,000 £372,077,000
Profit £9,155,000 £8,228,000 £5,640,000
Shareholder £64,886,000 £55,731,000 £47,503,000
Description rv Estimated Rates Payable
Shop and Premises £44,750.00 £22,330.25
We are advised that the rateable value of the premises as of 1 April 2017 is £44,750 and we have estimated the accrual rates payable for the current year above. This is based on the standard Small Business Rate of 49.9p in the pound. However, interested parties should confirm the current position with the Local Authority.
The property is let to Heron Foods Ltd from August 2015 for a term of 17.5 years with a passing rent of £65,680.24 and rental increases linked to cpi (subject to a minimum of 1% and a maximum of 3%) annually compounded.
Our client is seeking Freehold offers in the region of £850,000 (eight hundred fifty thousand pounds) reflecting a net yield of 7.32%
All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.
Each party is to bear their own legal costs involved in the transaction.
In accordance with the Anti-Money Laundering Regulations the Purchaser/Tenant will be required to provide two forms of identification and proof of the source of income.